Korean logistics asset manager ADF has acquired a distribution centre in Hamburg operated by Swedish retailer H&M for in excess of €100 mln.
Korean logistics asset manager ADF has acquired a distribution centre in Hamburg operated by Swedish retailer H&M for in excess of €100 mln.
The H&M logistics centre has a total effective area of 114,500 m2 and is located in the Hamburg-Allermöhe district. It was sold by Austrian listed property investor CA Immo.
The buyers were funds controlled and managed by ADF Asset Management, which describes itself as the only company in Korea specialised in logistics properties investment and asset management. Major Korean institutional players are investors in the funds alongside ADF.
CA Immo and ADF agreed not to disclose the purchase price for the asset, saying only it was sold above its book value.
The transaction is expected to close before the end of year.
Frankfurt-based property consulting company Oceans & Company and law firm Clifford Chance Frankfurt advised the seller on the disposal. The buyer was advised by Freshfields Bruckhaus Deringer in Hamburg.
Bruno Ettenauer, CEO of CA Immo, said: 'Having sold the largest part of our logistics portfolio, we are investing these revenues, for instance, in building new, modern office properties in Berlin, Munich, and Frankfurt. In doing so, we are continuously increasing the quality of our office portfolio and the efficiency of managing existing properties.'
Since 2012 CA Immo has focused its asset portfolio on large office properties in its strategic markets of Austria, Germany and CEE. By 2017, it plans to increase total property assets held from €3.5 bn to around €4 bn.
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